Spongetech Delivery Systems, Inc. (fka SPNGQ)

[overachiever]

Failure to make payments on so many large bills is almost always a harbinger of an intentional decision to just bankrupt a company. It doesn't matter how many people Dicon may or may not be hiring.

A bankruptcy reorg will wipe out common stock investors here and would likely allow the company to exchange debt for equity with all of its creditors. In other words, CBS, The Mets, Madison Square Garden, The Giants, the television commercial producer and even the class action lawyers would end up taking the place of the current SPNG equity shareholders in any bankruptcy reorg.

And then there is the matter of the SEC.

No matter how you shake it, it is very foolish for current common stockholders to ignore so many warning signs here.